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Green packaging market to grow at 7.35% CAGR from 2016 to 2020

The global green packaging market will register a CAGR of more than 7% from 2016 to 2020 with bioplastics at the forefront, especially in the Asia-Pacific region and South America, according to an Infiniti Research report. Demand for sustainable packaging with advanced technology is driving product developers to focus on durable, recyclable materials that can stand up to elements such as moisture and heat as well as friction, as per wastedive.com. Growth drivers, beyond the demand for bioplastics, include a push to reduce greenhouse gases and to use compostable materials.
There are 200 million tons of plastic in use today, volumes of which will eventually end up in the waste streams calling for a push not only to recycle, but to re-engineer products for more sustainable features. This movement is thrusting the global green packaging market forward, with Europe leading the way; that continent commands 31% of market share for green packing. There is also a clear demand and drive for eco-friendly products in the U.S. where recycling of post rigid plastics increased by 27% in 2014. Plastic film recycling jumped 79% from 2005 to 2014. Bioplastic packaging in particular is gaining researchers' and developers’ attention as evolving legislation calls for consumers and municipalities to conserve energy and natural resources while cutting CO2 emissions. The food packaging industry is laying the most tracks in sustainable packaging, holding 54% of the global market in 2015. But others are following in suit, including healthcare and personal care industries.

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